New Mexico Administrative Code

Financial Institutions Division of the Regulation and Licensing Department, 725 St. Michael's Drive, Santa Fe, New Mexico 87504. Telephone No. (505) 827-7100

All credit unions chartered by the state of New Mexico.

Section 58-11-14 NMSA 1978.

Permanent.

November 14, 1990, unless a later date is cited at the end of a section or paragraph. Reformatted in NMAC format September 30, 1997.

The objective of this part is to establish the procedure for establishing a credit union branch.

"Branch" means any branch credit union, branch office, branch agency, additional office or any branch place of business located in this state or in any other of the United States where such location could be accomplished in compliance with applicable state law, at which deposits …

A credit union desiring to establish a branch shall give the director notice thereof on a form prescribed by the director. The director shall advise the credit union within 30 days following receipt of said notice that he has no objection to the branch, unless he is of the opinio…

Financial Institutions Division of the Regulation and Licensing Department, 725 St. Michael's Drive, Santa Fe, New Mexico 87504. Telephone No. (505) 827-7100.

All credit unions chartered by the state of New Mexico.

Sections 58-11-3 and 58-11-59 NMSA 1978.

Permanent.

October 19, 1990, unless a later date is cited at the end of a section or paragraph. Reformatted in NMAC effective 9/30/97.

The objective of this part is to regulate mergers of state credit unions.

[Reserved]

A. The board of directors of each merging credit union shall, by a majority of the entire board, approve a merger plan which shall include:(1) a statement or recital that the agreement is subject to approval by the director of the financial institutions division and has been appr…

Financial Institutions Division of the Regulation and Licensing Department, 725 St. Michael's Drive, Santa Fe, New Mexico 87504. Telephone No. (505) 827-7100.

All credit unions chartered by the state of New Mexico.

Section 58-11-56(F) NMSA 1978.

Permanent.

October 19, 1990, unless a later date is cited at the end of a section or paragraph. Reformatted in NMAC format 9/30/97.

The objective of this part is to provide for the formation of credit union service organizations by state credit unions.

A. "Credit union service organization" is an entity defined in Sections 107(5) (D) and 107(7) (I) of the Federal Credit Union Act (12 U.S.C. Sections 1757(5) (D) and 1757(7) (I) and Part 701.27 of the NCUA Rules and Regulations [ 12 C.F.R. Section 701.27 ]. B. "Paid-in and unimpa…

A. The purpose of a credit union service organization is to provide those goods and services and perform those functions that are associated with routine credit union operations. It may provide any or all of the following functions or services: (1) credit card and debit card serv…

Financial Institutions Division of the Regulation and Licensing Department, 725 St. Michael's Drive, Santa Fe, New Mexico 87504. Telephone No. (505) 827-7100.

All credit unions chartered by the state of New Mexico.

Sections 58-11-20 and 58-11-54 NMSA 1978.

Permanent.

October 19, 1990, unless a later date is cited at the end of a section or paragraph. Reformatted in NMAC format 9/30/97.

The objective of this part is to enable credit unions to act as trustees or custodians of retirement plans of their members.

[Reserved]

A credit union may act as trustee or custodian of individual retirement plans of its members established pursuant to the Employee Retirement Income Security Act of 1974 or self-employed retirement plans established pursuant to the Self-employed Individuals Retirement Act of 1962,…

Financial Institutions Division of the Regulation and Licensing Department, 725 St. Michael's Drive, Santa Fe, New Mexico 87504. Telephone No. (505) 827-7100.

All credit unions chartered by the state of New Mexico.

Section 58-11-3(C) NMSA 1978.

Permanent.

November 8, 1993 unless a later date is cited at the end of a section or paragraph. Reformatted in NMAC format effective 9/30/97.

The objective of this part is to provide for the investment of excess funds in other financial institutions by credit unions.

[Reserved]

A. Supplemental to Section 58-11-56(C) and (D) NMSA 1978, credit unions may invest funds not required to satisfy member loan demands in the following: (1) financial institutions that are insured by an agency of the federal government; and (2) credit unions, central credit unions …

Financial Institutions Division of the Regulation and Licensing Department, P.O. Box 25101, Santa Fe, New Mexico 87504.

All credit unions chartered by the state of New Mexico.

Section 58-11-3(C) NMSA 1978.

Permanent beginning on the effective date.

October 31, 1997, unless a later date is cited at the end of a section or paragraph.

The objective of this part is to establish a definition of records maintenance and accounting systems and procedures pursuant to Section 58-11-6(A) NMSA 1978.

A. "Full and fair disclosure" means the level of disclosure which a prudent person would provide to a member of a credit union, the financial institutions division, the national credit union administration or, at the discretion of the board of directors, a creditor in order to fa…

The issuing agency is responsible for ensuring that the requirements set forth in this part have been complied with.

Full and fair disclosure is the level of disclosure a prudent person would provide to a member of a credit union, NCUA, this division or a creditor in order to fairly inform them of the financial condition and the results of operations. While it is one consideration when deciding…

Financial Institutions Division of the Regulation and Licensing Department, Post Office Box 25101, Santa Fe, New Mexico 87504.